Eastbourne Expands In Stockton

STOCKTON, CA-Eastbourne Investments Ltd. Of New York has closed on the purchase of 17 acres of land next to an existing 54-acre parcel that the company bought early this year for retail development.

Frank Egan, president of Eastbourne, tells GlobeSt.com that the company acquired the 17 acres at the Interstate 5 Freeway and Eight Mile Road from Stockton-based developer Alex Spanos, the same seller in the earlier deal. The buying entity was a joint venture of Eastbourne and Phoenix-based Kitchell Development Co., which was also the purchaser of the earlier parcel. Terms of the sale were not disclosed, but Egan says the price per sf works out to about the same as it was in the 54-acre deal. The 54 acres sold for approximately $20 million. The purchase was a direct deal between buyer and seller, with no brokers involved.